PMDIX vs. PEY

Last updated Jun 3, 2026

PMDIX (Principal Small-MidCap Dividend Income Fund) and PEY (Invesco High Yield Equity Dividend Achievers™ ETF) are both Mid Cap Value Equities funds. Over the past 10 years, PMDIX returned 9.73%/yr vs 8.66%/yr for PEY. Their correlation of 0.85 suggests significant overlap in exposure. PMDIX charges 0.85%/yr vs 0.54%/yr for PEY.

Performance

PMDIX vs. PEY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Small-MidCap Dividend Income Fund (PMDIX) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PMDIX achieves a 11.09% return, which is significantly lower than PEY's 13.54% return. Over the past 10 years, PMDIX has outperformed PEY with an annualized return of 9.73%, while PEY has yielded a comparatively lower 8.66% annualized return.

PMDIX

• 1D: -0.60%
• 1M: -0.96%
• YTD: 11.09%
• 6M: 12.12%
• 1Y: 24.53%
• 3Y*: 16.80%
• 5Y*: 9.19%
• 10Y*: 9.73%

PEY

• 1D: -0.11%
• 1M: 2.61%
• YTD: 13.54%
• 6M: 14.20%
• 1Y: 18.05%
• 3Y*: 11.50%
• 5Y*: 5.91%
• 10Y*: 8.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PMDIX vs. PEY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PMDIX Principal Small-MidCap Dividend Income Fund	11.09%	8.63%	14.56%	18.81%	-11.66%	30.41%	-6.40%	25.38%	-13.80%	13.30%
PEY Invesco High Yield Equity Dividend Achievers™ ETF	13.54%	0.56%	5.25%	7.29%	2.45%	26.15%	-3.85%	24.76%	-7.49%	8.78%

Correlation

The correlation between PMDIX and PEY is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 8, 2011	0.85

The correlation between PMDIX and PEY shifts across timeframes, from 0.71 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PMDIX vs. PEY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PMDIX

PMDIX Risk / Return Rank: 33
PMDIX Sharpe Ratio Rank: 31
PMDIX Sortino Ratio Rank: 35
PMDIX Omega Ratio Rank: 30
PMDIX Calmar Ratio Rank: 33
PMDIX Martin Ratio Rank: 36

PEY

PEY Risk / Return Rank: 37
PEY Sharpe Ratio Rank: 36
PEY Sortino Ratio Rank: 39
PEY Omega Ratio Rank: 33
PEY Calmar Ratio Rank: 40
PEY Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PMDIX vs. PEY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Small-MidCap Dividend Income Fund (PMDIX) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PMDIX	PEY	Difference
Sharpe ratio Return per unit of total volatility	1.63	1.30	+0.33
Sortino ratio Return per unit of downside risk	2.48	2.00	+0.48
Omega ratio Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio Return relative to maximum drawdown	2.20	1.99	+0.22
Martin ratio Return relative to average drawdown	8.09	5.57	+2.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMDIX vs. PEY - Sharpe Ratio Comparison

The current PMDIX Sharpe Ratio is 1.63, which is comparable to the PEY Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of PMDIX and PEY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PMDIX	PEY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	1.30	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.36	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.46	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.28	+0.27

Drawdowns

PMDIX vs. PEY - Drawdown Comparison

The maximum PMDIX drawdown since its inception was -46.47%, smaller than the maximum PEY drawdown of -72.81%. Use the drawdown chart below to compare losses from any high point for PMDIX and PEY.

Drawdown Indicators

	PMDIX	PEY	Difference
Max Drawdown Largest peak-to-trough decline	-46.47%	-72.81%	+26.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.55%	-8.88%	-1.67%
Max Drawdown (3Y) Largest decline over 3 years	-21.36%	-17.90%	-3.46%
Max Drawdown (5Y) Largest decline over 5 years	-21.36%	-17.90%	-3.46%
Max Drawdown (10Y) Largest decline over 10 years	-46.47%	-41.55%	-4.92%
Current Drawdown Current decline from peak	-2.04%	-0.11%	-1.93%
Average Drawdown Average peak-to-trough decline	-5.30%	-12.88%	+7.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	3.17%	-0.30%

Volatility

PMDIX vs. PEY - Volatility Comparison

Principal Small-MidCap Dividend Income Fund (PMDIX) and Invesco High Yield Equity Dividend Achievers™ ETF (PEY) have volatilities of 3.70% and 3.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PMDIX	PEY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.70%	3.76%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	10.85%	9.16%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	14.83%	14.00%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	16.38%	+2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	18.90%	+1.36%

PMDIX vs. PEY - Expense Ratio Comparison

PMDIX has a 0.85% expense ratio, which is higher than PEY's 0.54% expense ratio.

Dividends

PMDIX vs. PEY - Dividend Comparison

PMDIX's dividend yield for the trailing twelve months is around 2.88%, less than PEY's 4.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PEY Invesco High Yield Equity Dividend Achievers™ ETF	4.45%	4.85%	4.44%	4.58%	4.22%	3.83%	4.30%	3.78%	4.33%	3.21%	3.12%	3.44%
PMDIX Principal Small-MidCap Dividend Income Fund	2.88%	3.14%	7.99%	2.37%	6.95%	0.98%	1.37%	2.82%	17.83%	5.77%	2.84%	4.78%

Frequently Asked Questions

Can I hold both PMDIX and PEY in my portfolio?

PMDIX and PEY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PMDIX or PEY?

PEY has higher volatility (3.76%) compared to PMDIX (3.70%). In terms of maximum drawdown, PMDIX dropped -46.47% vs PEY's -72.81%.

Which has better risk-adjusted returns?

PMDIX currently has the higher Sharpe Ratio (1.63 vs 1.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.